The present invention relates to a video gaming system. In particular, the present invention relates to a multimedia system for facilitating wagering on sporting events.
Wagering on racing events, such as horse races and dog races, typically takes the form of either fixed odds wagering or parimutuel wagering. Fixed odds wagering is a system by which the return for a particular wager is determined in accordance with the payout odds assigned to the associated bet. Fixed odds wagering is popular from the perspective of wager recipients (eg. betting parlours) since it places a limit on the magnitude of the payout in the event of a win. Fixed odds wagering is also popular from the perspective of wagerors since it provides a measure of certainty on the possible payout. However, as the odds assigned to a particular bet can diminish in accordance with the total amount wagered on the bet, fixed odds wagering may not be particularly attractive to some wagerors since the payout odds for their bet may diminish in the minutes before the start of the sporting event.
Parimutuel wagering is a system by which a wagering pool is established for the receipt of bets, and the proceeds of the pool are divided amongst holders of winning tickets in accordance with the number of winning ticket holders and the magnitude of each wager. Parimutuel wagering is popular from the perspective of the wager recipients (eg. race track owners), since the recipient typically receives a fixed percentage of the pool prior to the payout to the winning ticket holders. Also, parimutuel wagering is popular from the perspective of the wageror since the return on a particular wager is proportional to the size of the wagering pool and, therefore, can exceed the fixed odds return of the bet. However, parimutuel wagering also suffers from a number of disadvantages.
Firstly, parimutuel wagering requires a knowledge of betting terminology (eg. win, place, show, triactor, exactor). Secondly, parimutuel wagering requires the wageror to be conversant with betting forms, and to have knowledge of race contestant handicapping. For example, for horse racing, successful handicapping requires a consideration of several factors, including track conditions, horse record, and jockey record for each contestant horse. Consequently, parimutuel wagering may not provide wager recipients with a significant return since novices may be intimidated by the knowledge required and either make only minimal wagers or no wagers at all. Therefore, attempts have been made to improve on the conventional fixed odds wagering and parimutuel wagering systems to encourage wagerors to place wagers.
For instance, Auto Tote Systems Inc. markets video terminals which remove the need for the wageror to interact with a human wager recipient. The video terminal consists of a touch-sensitive CRT display, a card reader, and a central processing unit in communication with the CRT display, the card reader and a remote wagering computer for processing desired wagers. To place a wager, the wageror purchases a wager card, inserts the wager card into the card reader, and then selects the desired track, the desired horse(s), the wager form (eg. win, place, show), and the amount of the wager. Although the video terminal allows the novice to conceal his/her lack of familiarity with betting terminology and handicapping, it does little to encourage the novice to make wagers.
Algie (U.S. Pat. No. 5,564,977) teaches a racetrack display system which attempts to encourage parimutuel wagering on horse races. The display system consists of central processing unit (CPU), a modem in communication with a central parimutuel computer system, and a number of LED display boards controlled by the CPU for displaying parimutuel data received from the parimutuel computer system. Typically the display system includes at least three LED display boards, each of which continuously displays a stream of parimutuel data for a respective time interval and then displays the parimutuel data in effect at the end of the respective time interval. In this manner, wagerors are able to make wagering decisions based on the historical trends in the odds of a particular bet, thereby adding a measure of stability and excitement to the wagering process. However, Algie still requires a significant level of knowledge in terms of betting terminology for users to place wagers, Also, in comparison to simpler electronic gaming machines, such as video poker games, Algie does little to encourage the use of the racetrack display system.
Orford (U.S. Pat. No. 6,033,308) teaches a combined perimutuel and fixed odds wagering system consisting of a number of betting terminals linked to a central processor for the receipt of parimutuel or fixed odds wagers, a parimutuel wager pool which receives the parimutuel wagers, and a fixed odds wager pool which receives the fixed odds wagers. The central processor sequentially opens and closes a succession of time periods during which fixed odds wagers are accepted from the betting terminals, and utilizes the liabilities arising from the wagers received by the parimutuel wager pool and the fixed odds wager pool to determine the fixed odds for each successive time period. By combining parimutuel and fixed odds wagering, the combined wagering system attempts to ameliorate some of the weaknesses of conventional parimutuel wagering systems. However, as the wageror must still have knowledge of betting terminology and handicapping, Orford does not appreciably encourage novices to make wagers.
Youbet.com maintains a web site which facilitates racetrack wagering over the Internet. Upon accessing the Youbet.com web site, the wageror is provided with a series of web pages which allow the wageror to select a racing event and to place a wager on the selected racing event. After a wager is placed, the web site provides the wageror with a steaming multimedia presentation of the selected racing event. Although the web site provides handicapping information for assisting the prospective wageror in placing wagers, the wageror must still have some knowledge of betting terminology and be able to make wagering decisions from the handicapping information. Further, the multimedia window used to display the selected racing event is typically quite small, being limited by the bandwidth of the connection to the Internet and traffic to the Youbet.com web site. Therefore, Youbet.com does little to create an incentive to place wagers. In addition, each wageror must establish an account with Youbet.com before placing a wager, thereby creating an obstacle to the wagering process.
Brenner (U.S. Pat. No. 5,830,068) teaches an interactive wagering system and method for off-track wagering. The wagering system consists of a number of totalisators for generating odds in real time on wagers placed on racing events at different racetracks, a number of home-based user terminals in communication with the totalisators over telephone lines to allow wagerors to select racing events and to place wagers on the selected racing events. Each terminal includes a display device which displays menus for allowing the wagerors to select the racing events and to place the wagers on the racing events. The display device also displays information on upcoming racing events, and allows the user to view the racing events in real time or to view taped races. The user terminal also includes a card reader configured for receiving an electronic or magnetic card for storing the wageror""s account information. Although Brenner facilitates wagering through a series of linked menus, and provides handicapping information for assisting the prospective wageror in placing wagers, the wageror must still have some knowledge of betting terminology and be able to make wagering decisions from the handicapping information. Further, the quality of the displayed racing events is limited by he need to compress each multimedia race presentation prior to transmission at each user terminal, and the need to simultaneously service multiple users with different multimedia race presentations. In addition, each wageror must establish an account with one of the totalisators before placing a wager, thereby creating an obstacle to the wagering process.
Therefore, there remains a need for a wagering system and method which encourages wagering on racing events.
According to the invention, there is provided a multimedia wagering system and method which addresses deficiencies of the prior art wagering systems.
The multimedia wagering system, according to a first aspect of the present invention, includes a race providing system for facilitating wagering on race events, and a plurality of multimedia wagering terminal in communication with the race providing system for wagering on the race events. The race provider includes means for selecting race events for wagering. The wagering terminal includes a multimedia display for displaying the selected race events, a user interface for placing a wager on the selected race event, payout means for providing a payout on the selected race events, and data processing means in communication with the multimedia display, the user interface and the payout means for facilitating wagering on the selected race events.
The multimedia wagering method, according to a first aspect of the present invention, includes the steps of (1) providing a race providing system for facilitating wagering on race events; (2) providing a plurality of multimedia wagering terminals, each being configured for displaying the race events and for providing a payout on the race events; (3) at the race providing system, selecting one of the race events and transmitting to each wagering terminal a notice of the selected one race event; (4) during a wagering period for the selected race event, receiving from at least one of the wagering terminals a wager on the selected race event; (5) subsequent to the wagering period, displaying on the at least one wagering terminals the selected race event; and (6) subsequent to the selected race event, providing the payout in accordance with each received wager and the outcome of the selected race event.
According to a second aspect of the present invention, there is provided a multimedia wagering terminal which includes a multimedia display for receiving transmissions of race events from a remote race providing system, a user interface for placing a wager on elected race events, and payout means for providing a payout on the wagered race events. The wagering terminal is configured for providing the wager in a single predetermined wager form, and includes data processing means in communication with the multimedia display, the user interface and the payout means for facilitating wagering on the elected race events with the race providing system.
According to a third aspect of the present invention, there is provided a multimedia wagering terminal which includes a multimedia display for receiving transmissions of race events from a remote race providing system, a user interface for placing a wager on elected race events, and payout means for providing a payout on the wagered race events, and data processing means in communication with the multimedia display, the user interface and the payout means for facilitating wagering on the elected race events with the race providing system. The data processing means includes a handicapping receiver for receiving handicapping data from the race providing system, an odds receiver for receiving odds data from the race providing system, and a wagering processor in communication with the handicapping receiver and the odds receiver for selecting one or more racing candidates for the wager in accordance with the received handicapping data and the received odds data.
In a preferred implementation of the invention, the race providing system includes feeds from a number of different race tracks, and a database of previously run race events so as to provide the wagering terminals with a continuous succession of race events, even when no live race events are pending. Since the race providing system selects the race event to be displayed next, each wagering terminal is configured for preventing a user selection of the race events. Consequently, each wagering terminal displays the same race event, thereby reducing multimedia bandwidth requirements, increasing multimedia display quality and thereby increasing the incentive for wagering. Further, each wagering terminal is configured for providing the wager in only a single predetermined wager form. The predetermined wager form is prominently displayed on the wagering terminal, using words which explain the wager without recourse to typical betting terminology.
The data processing means includes a handicapping receiver for receiving handicapping data from the race providing system, an odds receiver for receiving odds data from the race providing system, and a wagering processor in communication with the handicapping receiver and the odds receiver for selecting one or more racing candidates for the wager in accordance with the received handicapping data and the received odds data. The wagering processor is configured for providing the wager in the single predetermined wager form assigned to the wagering terminal. However, in another implementation, each wagering terminal is configured for providing the wager in one of a number of different predetermined wager forms, and the wagering processor is configured for facilitating placement of the wager in accordance with a user-selected one of the predetermined wager forms.